Proxy card providing indirect funds access
View Patent ↗A proxy card used at an ATM, or at any vendor store, that has a legacy point of sale unit or at a store with the smart point of sale. In general, it can be used with any vendor and otherwise as any credit or debit card might be used. The point-of sale unit interacts with a multi-source processing system (MSPS) that, instead of servicing a single money source, interacts with more than one of a plurality of monetary sources that may be associated with the proxy card. The money transferred from credit or debit accounts of the user may be either transferred directly or indirectly via a proxy central account associated with the MSPS that a user maintains.
1. A proxy card that supports interaction with a management system and both a first independent monetary account of a first buyer and a second independent monetary account of the first buyer, the first independent monetary account having a first reference identifier and the second independent monetary account having a second reference identifier, the proxy card comprising:
a proxy card number that is stored within the management system, the proxy card number being associated with the first buyer, the first reference identifier and the second reference identifier, the first reference identifier and the second reference identifier being associated with the proxy card number via assistance of the first buyer;
wherein the proxy card supports a plurality of purchase transactions via the management system according to a configuration that allocates a corresponding plurality of purchase amounts between the first independent monetary account and the second independent monetary account; and
wherein the proxy card supports disassociation by the first buyer of the proxy card number and the first reference identifier to detach the first independent monetary account without having to engage in closure of the first independent monetary account.
2. The proxy card of claim 1 wherein the corresponding plurality of purchase amounts is apportioned at a predefined ratio between the first independent monetary account and the second independent monetary account.
3. The proxy card of claim 1 further comprising:
the proxy card initiating a payment transfer interaction for each of the plurality of purchase transactions via a point of sale device such that a merchant account receives payment from the first independent monetary account and the second independent monetary account.
4. The proxy card of claim 1 further comprising:
the proxy card supporting determination of trends in user spending, and enabling a user to change payment and spending habits.
5. A proxy payment management system comprising:
a data storage containing a proxy identifier associated with each of a first buyer, a first independent monetary account of the first buyer, and a second independent monetary account of the first buyer, the first independent monetary account requiring validation of first account data before transferring payments, the second independent monetary account requiring validation of second account data before transferring payments;
a user interface configured to support a disassociation by the first buyer of the proxy identifier and the first independent monetary account to detach the first independent monetary account without having to engage in closure of the first independent monetary account;
a processing system configured to support a plurality of purchase transactions based on the proxy identifier and without revealing the first account data and the second account data; and
wherein the processing system allocates a plurality of purchase amounts corresponding to the plurality of purchase transactions between the first independent monetary account and the second independent monetary account.
6. The proxy payment management system of claim 5 wherein the plurality of purchase amounts is apportioned at a predefined ratio between the first independent monetary account and the second independent monetary account.
7. The proxy payment management system of claim 5 further comprising:
a point of sale device, communicatively coupled to the processing system, initiating a payment transfer interaction for each of the plurality of purchase transactions such that a merchant account receives payment from the first independent monetary account and the second independent monetary account.
8. The proxy payment management system of claim 5 further comprising:
the processing system supporting determination of trends in user spending, and enabling a user to change payment and spending habits.
9. The proxy payment management system of claim 5 further comprising:
the processing system initiating a payment transfer interaction for each of the plurality of purchase transactions initially with the first independent monetary account, and if that fails, initiating the payment transfer interaction with the second independent monetary account.
10. The proxy payment management system of claim 5 further comprising:
the processing system allocates the plurality of purchase amounts, based on a preference, choosing the first independent monetary account over the second independent monetary account.
11. The proxy payment management system of claim 5 further comprising:
the processing system initiating a payment transfer interaction for each of the plurality of purchase transactions such that a merchant account receives payment from the first independent monetary account and the second independent monetary account.
12. The proxy payment management system of claim 5 wherein the proxy identifier is useable for purchases online and for over-the-phone purchases.
13. The proxy payment management system of claim 5 wherein the proxy identifier is semi-permanent, and can be used as long as a user decides to use it.
14. The proxy payment management system of claim 5 that categorizes the plurality of purchase transactions automatically, displays where they were made, and makes it easy to see interest charges, spending and cash back earned.
15. A method carried out by a transaction management system to conduct a plurality of purchase transactions with a corresponding plurality of merchants, the method comprising:
assigning to a buyer a proxy identifier;
accepting, via first input from the buyer, first data associated with a first independent monetary account of the buyer;
accepting, via second input from the buyer, second data associated with a second independent monetary account of the buyer;
associating the proxy identifier with both the first data and the second data;
supporting a plurality of purchase transactions using the proxy identifier in accordance with a configuration defining allocations of a corresponding plurality of purchase amounts between the first independent monetary account using the first data and the second monetary account using the second data, without revealing the first data and the second data to the plurality of merchants; and
supporting a disassociation by the buyer of the first data and the proxy identifier to deactivate use of the first independent monetary account without having to engage in closure of the first independent monetary account.
16. The method of claim 15 wherein the plurality of purchase amounts is apportioned at a predefined ratio between the first independent monetary account and the second independent monetary account.
17. The method of claim 15 further comprising:
a point of sale device, communicatively coupled to the transaction management system, initiating a payment transfer interaction for each of the plurality of purchase transactions such that a merchant account receives payment from the first independent monetary account and the second independent monetary account.
18. The method of claim 15 further comprising:
the transaction management system supporting determination of trends in user spending, and enabling a user to change payment and spending habits.
19. The method of claim 15 further comprising:
the transaction management system initiating a payment transfer interaction for each of the plurality of purchase transactions initially with the first independent monetary account, and if that fails, initiating the payment transfer interaction with the independent second monetary account.